Expect the global managed endpoint threat detection and managed security information and event management (SIEM) markets to grow over the next few years, according to market research firm Research N Reports.
The Research N Reports "Managed Security Services – Global Market Outlook (2016-2024) Trends, Challenges and Growth Drivers Analysis" indicated the global managed endpoint threat detection sector is expected to expand at a compound annual growth rate (CAGR) of 16.5 percent from 2016 to 2024.
"Organizations are expanding branches at remote locations. This is enabling organizations to deploy endpoint threat detection solutions to secure their endpoints from cyber threats," Research N Reports noted in a prepared statement. "The rise in the demand for tablet and mobile security solutions is further propelling the growth of endpoint threat detection."
In addition, the global managed SIEM segment may grow thanks in part to the increasing need for regulatory reporting requirements, according to Research N Reports.
"The need for analyzing the generated security threats in a network is boosting the adoption of solutions among enterprises," the market research firm stated.
On-Premise Security Services Reign Supreme ... for Now
On-premise security services held a 54 percent share of the global managed security services market in 2014, Research N Reports indicated.
However, cloud-based security services are expected to hold a "major share" of the global managed security services market over the next several years, according to Research N Reports.
"Various security functions are shifting towards cloud as these solutions eliminate the need for maintaining the on premise hardware," Research N Reports said in a prepared statement. "Moreover, network service providers are launching security-as-a-service based solution offerings."
North American Managed Security Services Market Expected to Grow
North America is expected to account for a 41 percent share of the global managed security services market share by 2024, Research N Reports stated.
Also, the Asia Pacific region is estimated to be the fastest-growing region for managed security services between 2016 and 2014 and is expected to expand at a CAGR of 19 percent during the time frame, according to Research N Reports.
Enterprises Target Managed Security Services
Enterprises may drive managed security services adoption in the foreseeable future, Research N Reports pointed out.
Small and medium enterprises are expected to be the fastest-growing segment for managed security services, expanding at a CAGR of 17.5 percent from 2016 to 2024, Research N Reports stated.
Furthermore, large enterprises are likely to "dominate" the managed security services market over the next few years, according to Research N Reports.